Obama Administration Announces Conference on Housing Finance Reform

RISMEDIA, July 29, 2010—The Obama Administration recently announced expanded opportunities for public engagement on the future of our nation’s housing finance system, including Fannie Mae and Freddie Mac. These events, which will include a major conference in Washington, D.C., will help provide critical public input as the Administration continues its work developing a comprehensive housing finance reform proposal for delivery to Congress by January 2011.

“The future of our housing finance system is critical not only to our economic recovery, but also to millions of American homeowners in every corner of our country,” said Treasury Secretary Tim Geithner. “Now is the time to build on the foundation we laid with the historic Wall Street Reform legislation President Obama signed recently and aggressively move forward to improve our nation’s housing finance system. The Obama Administration is committed to delivering a comprehensive reform proposal that protects taxpayers, institutes tough oversight, restores the long-term health of our housing market and strengthens our nation’s economic recovery.”

“The Obama Administration is committed to engaging stakeholders and the public as we consider proposals for reforming the housing finance system,” said U.S. Housing and Urban Development Secretary Shaun Donovan. “The need for reform is clear and we want to listen to a wide range of views as we chart a course to a more robust and stable housing market that works for the benefit of the American people.”

In the months ahead, the Administration will continue to gather input from a broad cross-section of stakeholders through a variety of events. On August 17, 2010, the Obama Administration will host a Conference on the Future of Housing Finance in Washington D.C. at the Treasury Department. This event will bring together leading academic experts, consumer and community organizations, industry groups, market participants and other stakeholders for an open discussion about housing finance reform.

The Obama Administration has already begun the work of developing proposals for reforming our nation’s system of housing finance. In early 2010, Secretaries Geithner and Donovan delivered testimony before Congress on the Obama Administration’s ongoing work in this area and the broad principles that would guide those efforts.

In April 2010, Treasury and HUD issued a set of questions for public comment on the future of the housing finance system, which received more than 300 responses from a broad cross-section of consumer groups, industry groups, market participants, members of the public, think tanks and other stakeholders. These responses will help provide additional input and perspective as the Obama Administration moves forward to develop its comprehensive reform proposal.

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